Paytm to raise $1.5 billion from SoftBank

Fintech start-up Paytm is holding talks to raise $1.2-1.5 billion in cash from Japan’s SoftBank Group Corp. These talks have been going on three months now. SoftBank will buy some shares in the company. Paytm, India’s second-most valuable Internet firm, may also buy Snapdeal-owned payments firm Freecharge. By this move, SoftBank will become one of the largest shareholders in Paytm. Paytm, the country’s top mobile wallet is set to launch a payments bank.